ITech Minerals : Quarterly Activities and Cashflow Report 31 March 2022

ASX RELEASE

13 April 2022

For personal use only

BOARD & MANAGEMENT

Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL STRUCTURE

Ordinary Shares Issued 96.1M

Options Issued 3.0M

CONTACT

Address:

Level 3, 170 Greenhill Rd PARKSIDE SA 5063

Email:[e-mail]:www.itechminerals.com.auTelephone: [phone]

Contact:

Location - Eyre Peninsula Project, South

Australia

Michael Schwarz Managing Director

E:[e-mail]

Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory Novus Capital

Mob: [phone] Main: [phone]

E:[e-mail]

REE bearing high purity kaolin samples from the Ethiopia Prospect - Eyre

QUARTERLY ACTIVITIES REPORT FOR THREE

MONTHS ENDED 31 MARCH 2022

Peninsula Project, South Australia

• • Drilling has been completed at:

  • o Ethiopia Kaolin-IAC REE Prospect

  • o Bartels IAC REE Prospect

  • o Burtons IAC REE Prospect

  • o Caralue Bluff Kaolin Prospect

• • 478 drill holes completed, averaging 20m in depth, across the four prospects for a total of 9,805m

• • Results from 49 of ~ 478 drill holes (10%) have been received by the end of the Quarter, all from the Bartels Prospect

• • Results confirm Bartels as a third REE prospect

iTech Minerals Ltd (ASX: ITM, iTech or Company) is pleased to present its Quarterly Activities Report for the period ended 31 March 2022.

During the March Quarter iTech completed its maiden drilling campaign at the Company's Eyre Peninsula tenement package, targeting REE ionic adsorption clay (IAC REE) and high purity kaolin mineralisation. The Company completed a total of 478 drill holes across 4 prospects for a total of 9,805m of drilling.

The first batch of drill results at Bartels IAC REE prospect confirmed significant intersections of REEs in the weathering profile over an area more than 1.3 km by 1 km.

Prospect	Target	Drillholes	Metres Completed	Average Depth (m)	Status
Ethiopia	Kaolin - IAC REE	115	2,040	18	Completed
Bartels	IAC REE	49	643	13	Completed
Burtons	Kaolin - IAC REE	54	1,164	22	Completed
Caralue Bluff	Kaolin	260	5,958	23	Completed
Total	478	9,805	20

Table 1. Eyre Peninsula Kaolin-REE Prospect summary with drill hole statistics

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Figure 1. Location of the Prospects on the Eyre Peninsula, South Australia

Ethiopia Kaolin - IAC REE Prospect

Having identified extensive enrichment of REE's in kaolinitic clays, across an area more than 1.3 km x 1 km, at the Ethiopia Prospect, iTech drilled 115 additional holes. The average hole depth was 18m which demonstrates a thick weathered profile in which to host kaolin and REE mineralisation. The program was expanded due to the identification of thick intervals of bright white kaolin in the west of the project area. The zone of drilling is now designed to infill and extend the mineralisation to an area of approximately 4.6 km x 3 km with a focus on extending high grade mineralisation at the end of historical drilling in ETH-029 which intersected 32m @ 1,633 ppm TREO (<45m) (Fig. 2). Approximately 64 of the 115 drill holes (56%) have been submitted for analysis.

Figure 2. Location of the Ethiopia Kaolin IAC-REE Prospect and completed drill holes - Eyre Peninsula,

South Australia

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Burtons Kaolin - IAC REE Prospect iTech has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Burtons Prospect on the Eyre Peninsula, South Australia (Fig. 3). The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price. iTech completed 54 holes at the Burtons Prospect over an area of 12km x 3km to test the full extent of the clay hosted REE mineralisation. All 54 drill holes have been submitted for analysis (100%).

Figure 3. Location of the Burtons Prospect and completed drilling holes - Eyre Peninsula, South Australia

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Caralue Bluff Kaolin Prospect

The Caralue Bluff Prospect has bright white kaolin confirmed in drilling at <10m depth, up to 17m thick, in two drill holes over 5 km apart (Fig. 4). Historical partial chemical and mineralogical analyses of the bulk raw clay from one drill hole recorded relative high kaolinite content (~70%) with total Fe2O3 of 0.55% and raw brightness of 87% according to the TAPPI 646m-54 standard. The high purity and brightness of this material makes it well suited to high purity alumina feedstock, paper coating and filler applications (ASX Release, Replacement Prospectus, 19 October 2021). The Company has now completed an extensive drilling program covering an area of 12 km x 12 km for a total of approximately 260 holes. Approximately 130, or 50%, of drill holes have been submitted for analysis.

Figure 4. Location of the Caralue Bluff Kaolin Prospect with completed drill holes - Eyre Peninsula, South

Australia

Bartels IAC REE Prospect

As announced on 22 March 2022, iTech has identified REE mineralisation in the weathered, clay rich horizon at the Bartels Prospect, in the southernmost part of the Eyre Peninsula tenement package (Fig. 6). iTech has completed 49 drill holes for 630m at an average depth of 13m across an area of approximately 4km x 2km (Fig. 5) to test this target.

• • Significant intersections include:

  • o BAAC22-008 - 15m @ 1,594 ppm TREO from 12m

  • o BAAC22-010 - 16m @ 936 ppm TREO from 4m

  • o BAAC22-021 - 15m @ 724 ppm TREO from 0 m

  • o BAAC22-007 - 17m @ 583 ppm TREO from 13m

In the southern region, mineralisation covers an area of over 1.3 km x 1 km and is open in multiple directions. Additional mineralisation occurs a further 2 km to the north-west, with further drilling required to fully test the extent at both locations. Analysis is largely complete for this prospect other than 4 drill holes which have kaolin analyses pending.

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Figure 5. Location of the Bartels IAC REE Prospect with completed drill holes - Eyre Peninsula, South

Australia

www.itechminerals.com.au